Whatever their regions or business lines, all commercial real estate executives face the same fundamental question: what is the best way to move forward in this promising but still highly unsettled market? At the Urban Land Institute’s spring conference in Boston this week, many participants searched for answers.

Some industry leaders challenged their peers to approach their business with fresh eyes. “The single thing that I think all of us have to keep in mind is that we’re really in a long-term industry,” said ULI chairman Jeremy Newsum during an interview with CPE on Thursday afternoon. “I think there’s a responsibility on leaders to provide the judgment. That may mean you give something up in the short term” in the interest of a greater long-term benefit.  Newsum, who served as chief executive of Grosvenor from 1989 to 2008, specified two strategies that he believes are highly desirable. First,  far less reliance on debt than there was in the previous cycle. And second, “I would hope we would see more diverse businesses able to cope with cyclical changes.”

The Fortune senior editor and business pundit Geoffrey Colvin drew lessons from Wednesday’s news that Morgan Stanley may have lost $5.4 billion on its real estate investments. For commercial real estate’s decision-makers, the message is clear: “The ability to understand the risks that others don’t see is going to be increasingly important for everyone in this business,” Colvin declared. “It is always when the risks appear least that they are the most.”

Colvin also took a cue from Bank of America’s hiring of Northrop Grumman executive Charles Noski as its new chief financial officer. Noski’s appointment struck Colvin as a reminder that times of economic transition offer rare opportunities to upgrade talent. As Colvin put it, “It is also a great time to steal great performers, because they are available like they never are” otherwise. Finally, mentioning a story about creative entrepreneurship, Colvin reminded his listeners that success involves thinking more deeply about customers’ changing problems than competitors do—then inventing solutions.

Leadership was also the theme of one of several day-long, interactive roundtables on Thursday. Moderated by Lynn Thurber, chairman of LaSalle Investment Management, and Mayhood Co. president David Mayhood, the wide-ranging session touched on issues ranging from the structure of real estate organizations to leadership succession. One session participant ticked off a series of qualities that make a good CEO, such as a strong background in finance and top-notch management skills.  “Dealmakers don’t always make great CEOs,” the participant commented. “You need people who are player-coaches, who are good managers.”

Two of commercial real estate’s leading provocateurs kicked off the Urban Land Institute’s spring conference Wednesday with frank, witty and frequently caustic perspectives on the state of the industry and of the nation.

Sam Zell, chairman of Equity Group Investments, and economist Peter Linneman, a professor of real estate finance at the University of Pennsylvania, teamed up for an informal conversation heard by more than 1,000 real estate professionals at the Hynes Convention Center in Boston. Referring to his nickname of “the Grave Dancer,” the famously irascible Zell professed to see few opportunities for upside. First, Zell mentioned hotels, a property type for which, he noted, “you mark to market every night.” The second category he referred to as “all this crap that’s in all these little banks all over the country.”

Speaking more broadly, Zell added, “Our focus has always been taking on very hairy projects. The hairy projects ain’t happening.” Instead, Zell views emerging markets as the primary source of promise. As an example he gave Brazil, where Equity Investments ranks as the largest real estate-related investor as well as its largest owner of shopping centers.  Sales for the firm’s shopping center portfolio increased 12 percent year over year in 2009—an indicator primarily of market expansion, he said. Still, he acknowledged that emerging markets often require a tradeoff between opportunity and transparency, or, as he put it, “the rule of law.”Asked by Linneman about investment prospects in Western Europe, Zell described it as an attractive tourist destination but a poor choice for growth-focused real estate investment. “I don’t see any future for it, other than as Disneyland,” he quipped.

Commenting on the prospects for the U.S. economy, Linneman found some cause for optimism in faster-than-expected employment gains. “If jobs rebound,” he explained, new households “are going to form pretty fast.” He also offered a relatively positive outlook on the multi-family market, citing the availability of 10-year financing from Fannie Mae and Freddie Mac. Regarding the dire financial straits of the nation’s governments, however, Linneman was far more pessimistic: “I don’t see a way out of the (federal) budget deficit. … California is hopeless.”

Zell and Linnemann both had harsh words about the Obama Administration’s financial and economic policies;  tongue only half in cheek, Linneman expressed “remorse” over casting his presidential ballots first for George W. Bush and then for Obama.  For the first time ever, Zell contended, the Obama Administration policies are creating a business climate in which there appear to be no rules. Moreover, Zell said that he sees unsettling parallels between the declining Roman Empire and the United States today:  excessive consumption of water and fuel at home, overextension of the military abroad.

In conclusion, Linneman asked Zell whether he still regards himself as an optimist about the country’s future.  Zell could offer only a qualified “yes” in response: “I continue to be an optimist about the U.S., if for no other reason than I think we’re going to alter the current political situation.”

PropertyShark marked the latest company purchase by Yardi Systems Inc., expanding the investment management and property management software provider (and CPE’s parent company) into the real estate data realm.

The acquisition provides benefits to both companies, according to Yardi executive vice president & COO Gordon Morrell, who sees an opportunity to expand a promising company with a regional database, with a view toward national coverage. Yardi’s extensive commercial and residential property client base alone can provide exposure that can benefit the online business, he noted.

Meanwhile, “the benefit in general for Yardi is a company that has a great product, great people, a good corporate culture and we feel can help them grow,” he observed. PropertyShark, founded by Matthew Haines in December 2002, owns PropertyShark.com, which provides New York-area data, tools and educational classes to real estate professionals, investors and home buyers, ranging from maps to listings to comparables and other data.

“We took a look at what they do, liked what we saw and got involved in negotiations, but it was not something that we were out there looking for,” Morrell said.

Known for Yardi Voyager, Yardi offers product areas including Yardi Multifamily Suite, Yardi Commercial Suite and Yardi Investment Suite, serving clients worldwide.

The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20^th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.

Chosen from more than 120 nominees, the women are active members of the legal, investment, development, finance, brokerage, institutional, construction and sustainability areas, and include managers, vice presidents, partners and company founders among them.

“What really is exciting to me is the fact that we have 20 women from diverse backgrounds,” observed Jane Snoddy Smith, a partner in Fulbright & Jaworski and the president of CREW. “We have 20 women that really are representative of the different career paths that are available to women in commercial real estate today.”

The awards program was announced in April, with an invitation for nominations by either the individual herself or others impressed by her achievements. CREW membership was not required for nomination. Winners expressed interest in excelling in their fields but also in furthering historic preservation, global expansion, work with non-profits, development of inner-city neighborhoods and educational institutions and sustainable practices. Their many commitments include work with industry associations, Big Brother Big Sister participation, pro bono efforts and writing about their experiences.

“In this economy, if you don’t have persistence and creativity, you won’t get your deals done, and this group really has a drive to excel,” Smith said.

The winners were as follows: Tracy Lynn Steele, partner with Morgan, Lewis & Bockius L.L.P.; Tiffini Miller, manager of commercial development for Dallas-Fort Worth International Airport; Rosella Harvey, senior associate with NorthStar Advisors L.L.C.; Rebekah Christian Bahn, senior advisor with Grubb & Ellis/Gundaker Commercial; Peggy Howard Hey, manager in the real estate services department of Carolinas HealthCare System; Nicole Reeves, senior vice president of FirstBank of Northern Colorado; Monica Ceres, attorney & co-chair of the leasing practice area of Giordano, Halleran & Ciesla P.C.; Michelle Cottrell, president of Design Management Services; Melissa Gross-Arnold, shareholder with Lewis, Longman & Walker P.A.; Melissa Goins, president of Maures Development Group L.L.C.; Mandi Wedin, vice president in the capital markets group of ASB Real Estate Investments; Kristen Broadway Pleasants, vice president for Wachovia Securities; Kimberly Alison Havens, project manager for Wilson Meany Sullivan; Julissa Carielo, president of Tejas Premier Building Contractor Inc.; Julie Baird, national counsel for First American Exchange Co.; Jennifer Marler, partner & real estate practice group leader with Sonnenschein Nath & Rosenthal L.L.P.; Janice Paine, vice president of investment properties for NAI Olympia Partners; Heather Denny, executive vice president & COO for McDonald York Building Co.; Elizabeth Krol, client program manager for Shaw Environmental Inc.; and Jacquelynn Henke, manager for sustainability & senior project manager with the Allston Development Group of Harvard University.

Commercial Property Executive was proud to participate in this program as a media partner. Log on to CPE TV next week to hear from some of the winners directly, and look for further coverage of their achievements in the October/November issue of Commercial Property Executive and in the Business Management section of CPExecutive.com.